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The Commissioner of Banks (Commissioner) is charged with the administration of Massachusetts General Laws chapter 140, sections 96 through 114A, inclusive and applicable regulations found and 209 CMR 20.00 et seq., and 209 CMR 26.00 et seq., relating to the licensing and regulation of small loan companies. Pursuant to the authority granted by Massachusetts General Laws chapter 140, the Commissioner has reviewed information relative to the activities of NOVEA RESOURCE MANAGEMENT, LLC (Novea or the Company) located at PO Box 545944, Surfside, Florida to determine if Novea has engaged in the business of, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 140. Based upon such review, the Commissioner hereby issues the following CEASE ORDER as a result of the findings alleged herein.
A. FINDINGS OF FACT
I. Engaging in Unlicensed Activity and Violation of the Small Loan Rate Order
No person shall directly or indirectly engage in the business of making loans of six thousand dollars or less, if the amount to be paid on any such loan for interest and expenses exceeds in the aggregate an amount equivalent to twelve per cent per annum upon the sum loaned, without first obtaining from the commissioner of banks, in sections ninety-six to one hundred and fourteen, inclusive, called the commissioner, a license to carry on the said business in the town where the business is to be transacted... The buying or endorsing of notes or the furnishing of guarantee or security for compensation shall be considered to be engaging in the business of making small loans within said sections[.]
Whoever, not being duly licensed as provided in section ninety-six on his own account or on account of any other person not so licensed, engages in or carries on, directly or indirectly, either separately or in connection with or as a part of any other business, the business of making loans or buying notes or furnishing endorsements or guarantees, to which sections ninety-six to one hundred and eleven, inclusive, apply, shall be punished by imprisonment in the state prison for not more than ten years or in a jail or house of correction for not more than two and one half years, or by a fine of not more than ten thousand dollars, or by both such fine and imprisonment. Any loan made or note purchased or endorsement or guarantee furnished by an unlicensed person in violation of said sections shall be void.[emphasis added].
All persons subject, in whole or in part, to the provisions of M.G.L. c. 140, §§ 96 through 113, may charge, contract for, and receive the following maximum interest charges for loans not in excess of $6,000:
(a) 23% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $20 upon the granting of a loan. An administrative fee is not permitted to be assessed to a borrower more than once during any 12 month period.
i. Investigation of Unlicensed Activity
II. Violation of the Massachusetts Criminal Usury Statute
III. CEASE ORDER
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 4th day of April, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts